Sports betting can involve several types of wagers. Consumers place bets on the result of a sporting event based on the odds of their choice. Similarly to stocks, these exchanges allow consumers to back and lay horses at odds of their choice. Depending on the outcome of the race, a bettor can place bets on both the horse and the runner. One type of bet is spread betting, in which a bettor makes a wager on the point time of the event. The more accurate the wager, the higher the payout.
Many people use fantasy leagues and pools to bet on sports. Pools are organized by friends or co-workers to predict the outcomes of sporting events. These pools can be based on many factors, from the number of goals scored by two teams to player statistics. Other forms of betting involve lottery-style drawings and the selection of actual athletes. Regardless of the type of betting that an individual chooses, there are a variety of different opportunities to place a bet.
Parlays are another popular option for betting on sports. While parlays can pay higher than a single wager, they are more difficult to hit. Bettors can also bet on teasers, which give them an advantage for a lower payout. The difference between a teaser and a parlay is the bookmaker’s commission, or “juice”.